Please enable JavaScript.
Coggle requires JavaScript to display documents.
Financial Regulators - Coggle Diagram
Financial Regulators
Financial Policy Committee (FPC)
Responsible for the survival and stability of the financial system
2 Main objectives
Identifies, monitors and take actions to reduce risks to the national financial system.
A secondary objective to support the economic policy of the Government
Financial Conduct Authority (FCA)
Oversees the general stability of the financial system
Has 3 Main objectives
To secure an appropriate degree of protection for consumers.
To protect and enhance the integrity of the UK financial system
To promote effective competition
The financial ombudsman service
Settles complains made by customers that financial business were unable to resolve
Impartial
Prudential Regulation Authority (PRA)
3 Main objectives
Requires financial service providers to operate in a sustainable way, and in a way that will minimise damage in the event of failure
To help people secure insurance
To facilitate effective competition
Competition and markets authority (CMA)
Responsibilities
Investigating mergers, anti competitive activities and possible breaches of competition law
Prosecuting businesses that operate cartels
Ensuring companies don't operate in a way as to make it difficult for customers to choose between suppliers